Balfour Beatty Communities identified Townlake of Coppell as a prime value-add candidate given the area’s 32% population growth from 2010-2014, projected growth of an additional 10% over the next five years, and the determination that major employer growth was boosting average household incomes ($129,000 within a one mile radius). Additional positive factors included the property’s location in a desirable school district and proximity to DFW airport, downtown Dallas and abundant retail, dining and entertainment.

The 398-unit garden style community was 95% leased with an average rent per unit of $1,045 when the property was acquired in May 2015. Within nine months, 31 units were upgraded with refinished cabinetry, granite countertops, tile backsplashes, new appliances and flooring. Outdoor grilling areas were also added along with other amenity upgrades. The property has successfully capitalized on an aggressive new market rent and renewal program resulting in an increased rent per month across the community of 16% to $1,214, while maintaining existing occupancy rates.